Jindal Steel Limited · NSE:JINDALSTEL
Jindal Steel — Q2 FY26 Earnings Presentation
34 slides from Jindal Steel's earnings presentation, Oct 29, 2025
Slide 1: Exchange filing cover letter
October 29, 2025 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Exchange Plaza, 5th Floor, 1st Floor, New Trading Ring, Plot No. C/1, G Block Rotunda Building, P J Towers, Bandra-Kurla Complex, Bandra (E), Dalal Street, Fort, Mumbai – 400 001 Mumbai-400051 co
Slide 2: Q2FY26 Earnings Presentation
Jindal Steel Ltd. Jindal Jindal (erstwhile SteelSteel Ltd.& Power Ltd.) (erstwhile Jindal Steel & Power Ltd.) Q2FY26 Earnings Presentation Q2FY26 Earnings Presentation 28th October 2025 28th October 2025
Slide 3: Safe harbour statement
Safe harbour statement This presentation may contain certain forward looking statements concerning steel sector, economy and Jindal Steel Limited future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially dif
Slide 4: Jindal Steel – Building a Nation of our Dreams
Jindal Steel – Building a Nation of our Dreams Growth Focussed Strong Financials Sustainability Driven Industry 4.0 & AI • Scaling up world-class, integrated • Best in class balance sheet • World's first and largest coal • AI-driven asset reliability — steel production capacity gasification plant fo
Slide 5: World class assets – On the cusp of transformative expansion
World class assets – On the cusp of transformative expansion Iron Ore Iron Making Liquid Steel Finished Steel 13.61 ✓ # 17.02 15.60 13.75 MTPA MTPA MTPA MTPA 15.02 ✓ # 13.25 ✓ # 10.61 10.42 9.60 12.60 ✓ # 7.25 MTPA MTPA MTPA MTPA Iron-ore Steel Melting Shop (SMS) Flats Direct Reduce Iron (DRI) 3.11
Slide 6: Agenda
Agenda Performance highlights Industry update Operational highlights CSR Financials Projects update © 2025 Jindal Steel. All rights reserved.
Slide 7: Performance highlights
JinvaL? STEEL Ls 44 Performance highlights cS ar G44 [Al
Slide 8: Consolidated performance highlights – Q2FY26
Consolidated performance highlights – Q2FY26 INR 13,505 cr INR 1,875 cr INR 635 cr Gross Revenue Adjusted EBITDA Profit after Tax 2.00 MT 1.87 MT 1.48x Production Sales Net Debt to EBITDA Other key highlights • The following key facilities were commissioned at Angul : − 4.6 MTPA Blast Furnace - 2 −
Slide 9: Industry update
Ls 44 cS ar G44 [Al Industry update
Slide 10: India to drive over 60% of incremental global steel demand in CY26
India to drive over 60% of incremental global steel demand in CY26 World China India 1,780 1% 3% 860 -2% -1% 0% 180 11% 9% 9% 12% 0% -2% -5% 1,760 845 -5% 165 6% -2% 1,740 830 -10% 150 0% -7% 1,749 1,749 1,773 840 1,720 815 -15% 135 -6% 857 148 831 176 161 1,700 -12% 800 -20% 120 -12% CY24 CY25E CY2
Slide 11: China exports at an all time high amid sluggish domestic demand
China exports at an all time high amid sluggish domestic demand Crude Steel Production Steel Demand (Apparent Steel Consumption) 1,200 8% 7… 6% 9% 1200 9% 8% 9% 18% 1,000 4% 4% -3% 0% -… -2% 1% 1000 1% 8% -1% -4% -3% -3% -2% -3% -6% 800 -1% 800 -2% 869 873 862 928 993 1,054 1,031 1,016 1,024 991 761
Slide 12: India Steel: Capacity expansion aligned with strong consumption growth
India Steel: Capacity expansion aligned with strong consumption growth Crude Steel Capacity and Utilisation % Crude Steel Production Finished Steel Consumption 155 20% 210 85% 155 13% 14% 15% 16% 11% 12% 83% 13% 15% 80% 135 135 9% 10% 190 81% 8% 79% 78% 79% 9% 6% 10% 77% 115 115 5% 170 77% 5% 6% 5%
Slide 13: Seasonal weakness impacted steel demand in Q2FY26
Seasonal weakness impacted steel demand in Q2FY26 Crude Steel Production (mt) Finished Steel Consumption (mt) India remained net importer in Q2FY26 • Crude steel production was up 2% and +12% +8% finished steel production was up 4% on a 82.1 QoQ basis. Flat steel production was up +13% 78.9 73.2 +9%
Slide 14: Seasonal weakness led to correction in steel prices during Q2FY26
Seasonal weakness led to correction in steel prices during Q2FY26 HRC: India domestic and Export FOB Coking Coal: Premium HCC (CNF Australia origin) • Indian steel prices corrected in HRC (INR/t) Q2FY25 Q1FY26 Q2FY26 Abs YoY Abs QoQ HCC (USD/t) Q2FY25 Q1FY26 Q2FY26 Abs YoY Abs QoQ Q2FY26 owing to se
Slide 15: Operational highlights
JinvaL? STEEL Ls 44 Operational highlights cS ar G44 [Al
Slide 16: Operational highlights – Q2FY26
Operational highlights – Q2FY26 Crude Steel Production (mt) Sales (mt) Flats as a % of +2% total sales volume 48% 44% 49% 45% 46% 4.02 4.09 -4% +1% 3.95 3.78 -5% +1% -2% 1.97 2.09 2.00 1.85 1.90 1.87 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Domestic Sales (mt) Exports (m
Slide 17: Diversified product portfolio built on value creation
Diversified product portfolio built on value creation Sector wise Sales distribution TMT Sales Distribution, in ‘000 tonnes Share of Number of 58% 72% 73% 3,357 5,081 5,042 VAS dealers 416 532 449 3% 3% 3% 10% 11% 11% 15% 14% 19% 54% 52% 51% 31% 33% 32% 40% 40% 46% 48% 49% 35% Q2FY25 Q1FY26 Q2FY26 Q
Slide 18: Expanding the value-added portfolio through new product launches
Expanding the value-added portfolio through new product launches Galvanized Steel Coil GC Sheets Z Purlin Plate Rockhard 500 grade Quench and Tempered Plates S960QL Image Source - Google Slide 17 © 2025 Jindal Steel. All rights reserved.
Slide 19: Empowering India’s infrastructure
Empowering India’s infrastructure Delhi Metro Rail Corporation (DMRC) Navi Mumbai International Airport Urban Extension Road II Bairabi Sairang Bridge Chennai Metro Rail (CMRL) Aunta Simaria Ganga Bridge Committed to nation-building, in line with the “Viksit Bharat” vision Image Source - Google Slid
Slide 20: CSR
Ls 44 cS ar G44 [Al CSR
Slide 21: Community & social responsibility – Q2FY26 highlights
Community & social responsibility – Q2FY26 highlights Environment and agriculture Health & Nutrition Sports Sustainable livelihood & women empowerment • Natural Farming: Supported • Facilitated Health Care for • 800+ athletes trained across • Empowered 4,900+ women 3,500 farmers in adopting 53,714 m
Slide 22: Awards and recognitions
Awards and recognitions • GEEF Global Water Tech Awards 2025 for Pioneering Water Sustainability & Rural Resilience Company of the Year 2025 • CSR Universe Award 2025 for Nourishing Sports Talent of Rural and Tribal Youth • 21st FICCI CSR Award 2025 (Appreciation Plaque) for Promotion of Sports Cate
Slide 23: Financials
Ls 44 cS ar G44 [Al Financials
Slide 24: Q2FY26 Highlights – Consolidated
Q2FY26 Highlights – Consolidated ₹ 13,505 cr ₹ 1,875 cr ₹ 10,010 ₹ 635 cr Gross revenue* Q2FY26 Adjusted EBITDA# Q2FY26 Adjusted EBITDA per ton Q2FY26 PAT Q2FY26 Q1FY26 - ₹ 14,336 cr Q1FY26 - ₹ 2,984 cr Q1FY26 - ₹ 15,680 Q1FY26 - ₹ 1,496 cr Q2FY25 - ₹ 13,025 cr Q2FY25 - ₹ 2,124 cr Q2FY25 - ₹ 11,467
Slide 25: Q2FY26 Net debt and EBITDA bridge
Q2FY26 Net debt and EBITDA bridge Consolidated Net Debt Movement (INR cr) 14,400 1,995 -175 -1,571 14,156 -493 As at 30th Jun’25 Long term Short term loans Long term debt Change in C&CE As at 30th Sep’25 debt raised repayment Consolidated Adjusted EBITDA Movement (INR cr) 2,984 15 -46 -451 -627 1,87
Slide 26: Prudent leverage and liquidity to sustain profitable growth
FY20 35,918 FY21 22,146 FY22 8,876 FY23 Net Debt (INR cr) 6,953 FY24 Slide 25 11,203 Q1FY25 10,462 -61% Q2FY25 12,464 Q3FY25 13,551 Q4FY25 11,957 Q1FY26 14,400 Q2FY26 14,156 © 2025 Jindal Steel. All rights reserved. FY20 4.56 FY21 2.00 FY22 0.57 FY23 0.70 FY24 Net Debt/EBITDA (x) 1.10 Q1FY25 1.00 -6
Slide 27: Capital allocation framework – status update
Capital allocation framework – status update Our commitment Current status • Continue to invest in steel & ancillary business ✓ Continue to invest - Angul expansion Scope & area of (mines, power, ports) with green-tech • BF-2 commissioned operations • Primarily in India (organic + inorganic) • BOF-2
Slide 28: Financial performance – Consolidated
Financial performance – Consolidated INR cr Quarterly Performance Full Year Performance Particulars Q2FY26 Q1FY26 Q2FY25 H1FY26 H1FY25 Gross Revenue* 13,505 14,336 13,025 27,841 28,813 Net Revenue 11,708 12,325 11,248 24,033 24,900 Adjusted EBITDA** 1,875 2,984 2,124 4,859 4,955 Depreciation & Amort
Slide 29: Financial performance – Standalone
Financial performance – Standalone INR cr Quarterly Performance Full Year Performance Particulars Q2FY26 Q1FY26 Q2FY25 H1FY26 H1FY25 Gross Revenue* 14,021 14,506 13,433 28,527 28,363 Net Revenue 12,119 12,436 11,529 24,555 24,394 Adjusted EBITDA** 1,752 2,859 1,916 4,610 4,609 Depreciation & Amortiz
Slide 30: Key factors influencing the consolidated performance – Q2FY26
Key factors influencing the consolidated performance – Q2FY26 All figures in INR Cr Key factors Volumes • Production volume down 5% QoQ on account of planned shutdowns during Q2FY26 • Sales volume down 2% QoQ on account of lower production • Net Revenue declined 5% QoQ driven by 2% decline in volume
Slide 31: Projects update
Ls 44 cS ar G44 [Al Projects update
Slide 32: Angul expansion update … (1/2)
Angul expansion update … (1/2) Bhagavati Subhadrika BF - 2 Basic Oxygen Furnace – 2 • Commissioned in Sep’25 • Commissioned in Sep’25 • First hot metal tapping achieved in Sep’25 Slide 31 © 2025 Jindal Steel. All rights reserved.
Slide 33: Angul expansion update … (2/2)
Angul expansion update … (2/2) SBPP Coal pipe conveyor CRM complex 1st module of 525MW ready; CGL - 1 commissioned synchronization with grid in Q3FY26 100% civil work completed Progressive commissioning of multiple 2nd module commissioning in progress 95% structural work completed lines in FY26 Utka
Slide 34: Investor Relations Contact
Investor Relations Contact: ir@jindalsteel.com © 2025 Jindal Steel. All rights reserved.